An allocation of goods across people such that there are no other feasible allocations that could make all agents better off-or all agents equally well off and at least one strictly better off-than the proposed allocation is called an Edgeworth-optimal (efficient) allocation.
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Q1: In order for an efficient allocation in
Q2: In a primitive, two-person economy, the two
Q3: To block is to prevent a trade
Q5: If there is an equilibrium allocation, the
Q6: An individually rational trade offers a trader
Q7: To prevent a trade from occurring by
Q8: An Edgeworth box represents an allocation that
Q9: A feasible allocation in which agents consume
Q10: A feasible allocation does not allocate more
Q11: An allocation that has the property that,
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